The Central Bank has disclosed the timeframe for introducing the “one loan per hand” rule in microfinance organizations
The Central Bank has finally decided on the introduction of a new standard for clients of microfinance organizations (MFOs).
A rule of “one loan per person” will be introduced in Russia.
This regulation will come into effect in 2027, RBC reports.
In addition, the regulator intends to abandon the use of the term “payday loan”.
It also became known that from July 1 of next year, the Central Bank will legislatively restrict the issuance of “expensive” loans to individuals by microfinance organizations.
Representatives of the regulator previously emphasized that a number of measures will be introduced in Russia that are intended to reduce the credit burden on citizens.
For reference
Microfinance is a type of activity related to the provision of financial services.
